New Delhi, Feb. 18 -- Property tax, also known as house tax, is levied by municipal authorities on real estate. It is usually charged annually. However, some municipal bodies might offer semi-annual or quarterly payment options.

This kind of tax is paid by real estate owners within a particular municipality's jurisdiction, and is an ad-valorem tax, which means the more valuable the property, the more they have to pay.

The proceeds from the tax receipts are considered to be the main source of revenue for most local governments, which are then utilised for maintaining and improving the local civic amenities such as parks, streets, sewage systems, and other public infrastructure, according to Investopedia.

Each municipality may have its o...